PM calls for early negotiations on Vietnam-Turkey free trade deal

Prime Minister Pham Minh Chinh called for early negotiations on a Vietnam-Turkey free trade agreement (FTA) at a Wednesday meeting with Turkish Minister of Trade Omer Bolat in Ankara.

Chinh also suggested relevant agencies of the two countries host the eighth meeting of the inter-government committee in Ankara in 2024, conduct more trade-investment promotion events, open up the markets for more exports of key products, and remove anti-dumping duties.

In reply, the Turkish minister said he appreciated the visit of PM Chinh, also a commemoration of 45 years of the bilateral partnership (1978-2023). He affirmed Vietnam is a key economic partner of Turkey in the Asia-Pacific and many Turkish businesses are seeking opportunities in the Vietnamese market, especially in sectors of construction, industrial production, and consumer goods.

A delegation of Turkish businesses is set to visit Vietnam next year, he added.

As of November 20, Vietnam had 38,844 valid FDI projects with total registered capital of $462.4 billion, according to the Ministry of Planning and Investment. Total disbursement reached $294.2 billion, or 63.6% of the registered capital. With 36 licensed projects and registered capital of $974.3 million, Turkey ranked 26th in terms of value.

In August, a consortium led by Turkish conglomerate IC Ictas won the VND35 trillion ($1.49 billion) bidding package to build the terminal for the mega Long Thanh International Airport in the southern province of Dong Nai. State-run Airports Corporation of Vietnam (ACV), the project investor, started construction on the terminal at the end of August and plans to complete it in late November 2026.

In the first 10 months of this year, Vietnam earned $1.52 billion from exporting goods to Turkey, up 16% year-on-year, according to customs data.

The Southeast Asian country spent $369 billion on importing goods from the Middle East nation, up 4.5% year-on-year. As a result, Vietnam reaped a trade surplus of $1.15 billion with Turkey in the period.